“目标管理”(management by objective,MBO)是管理专家彼得·德鲁克(Peter Drucker)1954年在其名著《管理实践》中最先提出的,其后他又提出了“目标管理和自我控制”的主张。“目标管理”作为一个被现代企业广泛采用的管理原则和...“目标管理”(management by objective,MBO)是管理专家彼得·德鲁克(Peter Drucker)1954年在其名著《管理实践》中最先提出的,其后他又提出了“目标管理和自我控制”的主张。“目标管理”作为一个被现代企业广泛采用的管理原则和管理方法,主要是指企业的使命和任务均需转化为目标,而企业管理者则通过这些目标对企业进行管理。展开更多
Choosing all 1075 listed companies of share A which pay out dividends in cash as sample units, the paper tests how manager pay off(MBO) affects payout in cash. Regression analysis shows MBO could increase agency costs...Choosing all 1075 listed companies of share A which pay out dividends in cash as sample units, the paper tests how manager pay off(MBO) affects payout in cash. Regression analysis shows MBO could increase agency costs of listed companies. The authors further consider that the problems of “absence of owners” sharpen the conflict between managers and stockholder agency.The analysis also shows the positive regression relationship between MBO and payout for the companies with high percentage of state owned shares. So MBO is an effective way to solve the conflict of stockholder agency.展开更多
This paper used event study methods to study the market responses to MBO (Management Buyout). The result illustrates that after MBO, CAR (cumulated abnormal return)is significantly larger than zero (2.52%). And moreov...This paper used event study methods to study the market responses to MBO (Management Buyout). The result illustrates that after MBO, CAR (cumulated abnormal return)is significantly larger than zero (2.52%). And moreover, the volatility changes little after MBO.From this result, we can say that the reaction of investors for MBO is positive. At the same time,government can gradually loosen the limit for it to improve the market development and for the benefit of investors.展开更多
文摘“目标管理”(management by objective,MBO)是管理专家彼得·德鲁克(Peter Drucker)1954年在其名著《管理实践》中最先提出的,其后他又提出了“目标管理和自我控制”的主张。“目标管理”作为一个被现代企业广泛采用的管理原则和管理方法,主要是指企业的使命和任务均需转化为目标,而企业管理者则通过这些目标对企业进行管理。
文摘Choosing all 1075 listed companies of share A which pay out dividends in cash as sample units, the paper tests how manager pay off(MBO) affects payout in cash. Regression analysis shows MBO could increase agency costs of listed companies. The authors further consider that the problems of “absence of owners” sharpen the conflict between managers and stockholder agency.The analysis also shows the positive regression relationship between MBO and payout for the companies with high percentage of state owned shares. So MBO is an effective way to solve the conflict of stockholder agency.
文摘This paper used event study methods to study the market responses to MBO (Management Buyout). The result illustrates that after MBO, CAR (cumulated abnormal return)is significantly larger than zero (2.52%). And moreover, the volatility changes little after MBO.From this result, we can say that the reaction of investors for MBO is positive. At the same time,government can gradually loosen the limit for it to improve the market development and for the benefit of investors.
